CPS Technologies and Triton Systems Announce New Licensing Agreement

NORTON, Mass., March 06, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS”) and Triton Systems, Inc. (“Triton”) today announced they have signed a manufacturing licensing agreement for Fiber-Reinforced Aluminum (FRA) Composites^®. Under the agreement, CPS has acquired the global, exclusive right to manufacture and sell products made using Triton’s FRA Composite technology. Triton possesses robust patent protection related to the technology, developed over a number of years. Triton will be compensated as a percent of revenue for every FRA item sold; additional terms were not disclosed.

FRA Composites are comprised of high strength aluminum alloys discontinuously reinforced with short ceramic fibers. They offer superior wear-resistance, increased aluminum service temperatures, and isotropic mechanical and physical properties. Based on these unique properties, the patented FRA material system has a multitude of applications in military vehicles (fixed-wing, helicopters, tilt rotor, UAVs, and combat vehicles) and commercial markets (aerospace, motor sports, heavy trucks, and oilfield drilling).

”For several decades, CPS has produced a variety of metal matrix composite materials using advanced manufacturing processes for both military and commercial applications,” said CEO & President Brian Mackey. “Adding FRA Composites to our product portfolio enables us to build upon our core competencies, provide value for our customers, and more rapidly grow the business. We are excited by the opportunity to partner with Triton to leverage our production capabilities going forward.”

“CPS is the ideal partner for us to leverage over a decade of Triton’s FRA composites technology development, launch the next phase of large-scale FRA composites manufacturing and insert a variety of FRA-based products into aerospace, defense and other markets,” noted Triton’s Executive Vice President, Dr. Anant Singh. “With this partnership, we will build further on our demonstrated track-record of developing deep science based innovations and collaboratively driving them all the way to implementation on the nation’s premier defense platforms and into commercial markets.”

About CPS

CPS is a technology and manufacturing leader in producing high-performance materials solutions for its customers. The company’s products and intellectual property address critical needs in a variety of applications, including electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, Navy ships, the smart electric grid, 5G infrastructure and others. CPS hermetic packages can be found in many Aerospace and Satellite applications. CPS’ armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions for the transition to clean energy.

About Triton

Triton Systems, (Triton) was founded as a technology and business incubator in 1992. Headquartered in Chelmsford, MA, Triton has grown to a global footprint by taking breakthrough ideas in a broad range of disciplines and creating a series of commercial products and independent spin-offs – represented by over $2B in shareholder value across its portfolio of companies. By partnering in-house technical, business and financial expertise with targeted external resources, Triton delivers creative solutions to the marketplace through licensed products, joint ventures and independent entities.

Safe Harbor

Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2024 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as “will,” “intends,” “believes,” “expects,” “plans,” “anticipates” and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company’s expectation. Additional information concerning risk factors is contained from time to time in the company’s SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.

CPS Technologies Corporation
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com

Investor Relations for CPS:
Chris Witty
646-438-9385
cwitty@darrowir.com